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Small Business Relief

Helping small businesses weather uncertain times.

Supporting small business now more than ever is vitally important to their longevity and ability to weather the current economic times. Falcon National Bank has a long history of rallying around small business. Now more than ever, we stand behind that commitment.

Federal Disaster Loan Assistance Programs

In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak. As a preferred SBA lender, Falcon National Bank can help you gain access to disaster funds and loan programs through the Small Business Administration (SBA).

> Paycheck Protection Program (PPP)

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses/sole proprietors to keep their workers on the payroll.

PPP – Forgiveness

If you currently have a PPP Loan through Falcon National Bank, look for email communications to provide guidance through the loan forgiveness process. For more information, contact our SBA department visit the US Treasury website.

PPP – Round 2 - NOTE: As of 5/4/2021, the SBA announced that PPP funds have been exhausted; we encourage you to follow the SBA and Treasury for additional program details.

The Small Business Administration (SBA) has released applications and instructions for the next round of Paycheck Protection Program (PPP) funds. To know when and how to apply, first understand that there are two types of loans: first draw and second draw. See below for details.

  • First Draw Loans: (application dates: 1/11/21 – 3/31/21)
    • New PPP Loans: These are for borrowers who have never had a loan
    • Existing PPP Loan Options:
      • Borrowers who returned the proceeds of their PPP loan – Borrowers who did not use any of the PPP loan proceeds and they simply returned the funds.
      • Borrowers who partially returned the proceeds of their PPP loan - Borrower may reapply for an amount equal to the difference between the amount retained and the amount previously approved.
      • Borrower who did not accept the full amount of a PPP loan for which it was approved - Borrower may request an increase in the amount of the PPP loan up to the amount previously approved.
  • Second Draw Loans: (application dates: 1/13/21 – 3/31/21)
    • Borrowers who had a PPP loan that was, or will be, 100% forgiven and they’ve had a year over year decrease in revenue of 25% or more for the same quarter (ex. Q2 2019 vs. Q2 2020)

Falcon National Bank will be accepting Round #2 PPP applications from current customers. Your lender will reach out with an application and instruction to guide you through the process.

*Note to our agriculture customers: There are updated eligibility parameters for Round 2 PPP loans, specifically pertaining to agriculture. In short, in the first round of PPP: if your ag business/farm showed a Net Loss on your Schedule F in your tax return you were not eligible. With round #2, the eligibility rules have changed, so you may qualify. If you have any questions, please reach out to your banker or to the SBA Department. Additional information can also be found on the SBA.gov site.

> Economic Impact Disaster Loan (EIDL)

Designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue, this program provides the best opportunity to recover with the least amount of financial burden. It is being offered to all sectors of business across the United States: for profit, non-profit, non-public sectors. Apply directly with the SBA (not your financial institution). 

Note: If you also applied for and received a PPP Loan, the approved PPP Loan amount may have been reduced by the EIDL advanced amount. When applying for PPP Forgiveness, it is required to provide EIDL application number and EIDL advance amount. Because EIDL was applied for directly through the SBA, Falcon National Bank does not have access to that information. To obtain the information, please call the EIDL Hotline: 1.800.659.2955

We stand ready to help. Contact us today.

  • Access to Federal Disaster Relief Funds and SBA Loan Programs

  • Refinance and gain access to working capital

  •  Restructure existing debt to reduce current monthly payments

  •  Create peace of mind by having a solid plan to overcome the impact of these challenging economic times

 

 
Troy CameronAlex CameronKyle Knudson 
320.492.4731320.230.9261320.402.4516 
[email protected][email protected][email protected] 

 

 
Jessica BitzTyler Messerole  
320.248.6179612.270.2110  
[email protected][email protected]